Lulu's Fashion Lounge Holdings, Inc 8-K, filed May 17, 2022

Lulu's Fashion Lounge Holdings, Inc. (LVLU)

8-K 2022-05-17 For: 2022-05-17

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Added on April 06, 2026

About this 8-K

Lulu's Fashion Lounge Holdings, Inc filed this 8-K on May 17, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-41059	20-8442468
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	LVLU	The NASDAQ Stock Market LLC

Exhibit Number		Description
99.1		Press release issued by Lulu’s Fashion Lounge Holdings, Inc. on May 17, 2022.
104		Cover Page Interactive Data File (formatted as inline XBRL).


		Lulu’s Fashion Lounge Holdings, Inc.
Date:	May 17, 2022	By:	/s/ David McCreight
			David McCreight
			Chief Executive Officer


	Quarter Ended
	April 3, 2022			April 4, 2021			YoY Change

	(In thousands, except percentages)
Net revenue	$	111,902		$	68,967		62	%
Gross profit	$	52,978		$	31,113		70	%
Gross Margin*		47.3	%		45.1	%
Net income (loss) and comprehensive income (loss)	$	2,043		$	(1,375)		NM
Adjusted EBITDA (non-GAAP financial measure)*	$	9,911		$	5,390		84	%
Net cash provided by operating activities	$	20,248		$	16,654		22	%
Active Customers*		3,000			1,900		58	%


	April 3,		January 2,
	2022		2022
Assets
Current assets:
Cash and cash equivalents	$	19,433	$	11,402
Accounts receivable		7,861		5,649
Inventory, net		42,068		22,176
Asset for recovery		6,682		3,754
Income tax refund receivable		—		748
Prepaids and other current assets		5,095		5,364
Total current assets		81,139		49,093
Restricted cash		506		506
Property and equipment, net		3,885		3,231
Goodwill		35,430		35,430
Tradename		18,509		18,509
Intangible assets, net		2,452		2,244
Lease right-of-use assets (1)		30,914		—
Other noncurrent assets		5,365		4,763
Total assets	$	178,200	$	113,776
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	11,343	$	4,227
Accrued expenses and other current liabilities		38,724		21,948
Returns reserve		20,005		9,731
Stored-value card liability		7,292		7,240
Lease liabilities, current (1)		3,521		—
Total current liabilities		80,885		43,146
Revolving line of credit		15,000		25,000
Lease liabilities, noncurrent (1)		28,467		—
Other noncurrent liabilities		64		1,108
Total liabilities		124,416		69,254
Commitments and Contingencies

Stockholders' equity:
Preferred stock: $0.001 par value, 10,000,000 shares authorized and no shares issued or outstanding as of April 3, 2022 and January 2, 2022		—		—
Common stock: $0.001 par value, 250,000,000 shares authorized and 38,830,130 and 38,421,124 shares issued and outstanding as of April 3, 2022 and January 2, 2022, respectively		39		38
Additional paid-in capital		229,298		222,080
Accumulated deficit		(175,553)		(177,596)
Total stockholders' equity		53,784		44,522
Total liabilities and stockholders' equity	$	178,200	$	113,776


	As of
	April 3, 2022		January 2, 2022

	(in thousands)
Long-term debt, current	$	—	$	—
Long-term debt, net of current portion		—		—
Revolving line of credit, long term		(15,000)		(25,000)
Total debt		(15,000)		(25,000)

Cash and cash equivalents		19,433		11,402
Net Cash (Debt)	$	4,433	$	(13,598)


	Quarter Ended
	April 3, 2022		April 4, 2021
Net revenue	$	111,902	$	68,967
Cost of revenue		58,924		37,854
Gross profit		52,978		31,113
Selling and marketing expenses		21,886		13,435
General and administrative expenses		27,834		15,089
Income from operations		3,258		2,589
Other income (expense), net:
Interest expense		(208)		(3,807)
Other income, net		54		6
Total other expense, net		(154)		(3,801)
Income (loss) before provision for income taxes		3,104		(1,212)
Income tax provision		(1,061)		(163)
Net income (loss) and comprehensive income (loss)		2,043		(1,375)
Allocation of undistributed earnings to participating securities		—		—
Net income (loss) attributable to common stockholders	$	2,043	$	(1,375)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.05	$	(0.08)
Diluted	$	0.05	$	(0.08)
Weighted average shares used to compute net income (loss) per share attributable to common stockholders:
Basic		38,098,073		17,462,283
Diluted		38,385,765		17,462,283


	Quarter Ended
	April 3, 2022		April 4, 2021
Cash Flows from Operating Activities
Net income (loss)	$	2,043	$	(1,375)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		841		725
Non-cash lease expense		789		—
Amortization of debt discount and debt issuance costs		40		671
Interest expense capitalized to principal of long-term debt and revolving line of credit		—		703
Equity-based compensation expense		5,758		1,913
Deferred income taxes		(554)		(1,407)
Changes in operating assets and liabilities:
Accounts receivable		(2,213)		(2,907)
Inventories		(19,892)		(5,939)
Asset for recovery		(2,928)		(3,083)
Income tax (receivable) payable		1,636		3,557
Prepaid and other current assets		(499)		(643)
Accounts payable		7,136		7,364
Accrued expenses and other current liabilities		28,554		17,324
Operating lease liabilities		7		—
Other noncurrent liabilities		(470)		(249)
Net cash provided by operating activities		20,248		16,654
Cash Flows from Investing Activities
Capitalized software development costs		(600)		(254)
Purchases of property and equipment		(976)		(169)
Other		(78)		—
Net cash used in investing activities		(1,654)		(423)
Cash Flows from Financing Activities
Repayments on revolving line of credit		(10,000)		(8,580)
Repayment of long-term debt		—		(2,532)
Proceeds from the issuance of redeemable preferred stock, net of issuance costs		—		1,427
Payment of offering costs related to Initial Public Offering		(542)		—
Other		(21)		(7)
Net cash used in financing activities		(10,563)		(9,692)
Net increase in cash, cash equivalents and restricted cash		8,031		6,539
Cash, cash equivalents and restricted cash at beginning of period		11,908		16,059
Cash, cash equivalents and restricted cash at end of period	$	19,939	$	22,598